Sectoral Comovement, Monetary Policy Shocks, and Input–Output Structure
研究货币政策冲击下非耐用品与耐用品部门产出联动不足的问题，发现投入产出结构能通过中间品关联渠道诱发部门联动，对理解经济周期和货币政策传导有参考价值。
The comovement of output across the sector producing nondurables (i.e., nondurable goods and services) and the sector producing durables is well established in the monetary business cycle literature. However, standard sticky‐price models that incorporate sectoral heterogeneity in price stickiness (i.e., sticky nondurables prices and flexible durables prices) cannot generate this feature. We argue that an input–output (I–O) structure provides a solution to this problem. Here, we develop a two‐sector model with an I–O structure, which is calibrated to the U.S. economy. In the model, each sector’s output affects those of the others by acting as an intermediate input. This connection between the sectors provides a channel through which sectoral comovement is induced.